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american express

The 43.5% APR Credit Card

Perhaps this British Airways American Express Premium Plus Card's interest rate is in "metric" APR, but if not, no matter what side of the pond you're on on, or road you drive on, you must agree that a 43.5% variable interest rate is bollocks. Who cares how many bonus miles you get, they're just going to get devalued anyway.

UPDATE: The 43.5% APR is the effective APR after you include the £150 annual fee. Like commenter Hanke wrote, "It's just like those payday loan places, where although the actual interest rate is low, the fees associated with the service give you a 300%APR." Makes you wonder, though, what about all those American credit cards with annual fees? Their effective APR is also higher then, and as far as I know, they don't have to include the fee in the stated APR (big print or no).

British Airways American Express [Official Site] (Thanks to Kerwin!)

9:16 AM on Wed Jul 16 2008
By Ben Popken
5,300 views, 44 comments

Latest by mac-phisto: @chrisjames: p.a. stands for per annum. if you read the ad it explicitly states the 43.5% includes the £150 annual more »

complaints

BoA Closes Your Credit Cards If You Ask Why They Increased Your APR

It's evident the pendulum swung too far in terms of giving away too much credit, but now it seems to be swinging back in the opposite direction just as hard, with banks getting too tightfisted, even when it doesn't make sense. For instance, the APR on James's BoA credit card jumped from 9.32% to 13.99%, and shortly after he called to see about getting it back, they closed all three of his credit cards. One was a Gold account with a lifetime APR of 7.99%, the other had a 1.99% APR. Just last month, he received an offer to transfer $15,000 to the 1.99% card. Obviously at least one department in Bank of America thinks he's a good credit risk. It appears some other expressionless faces of the massive dodecahedron that is the entity called Bank of America disagreed. More »

12:15 PM on Tue May 6 2008
By Ben Popken
8,572 views, 58 comments

Latest by planetdaddy: I don't get it. This must be bizarro BofA. I have been w/ Bofa since 16 (I am 33 now) more »

vacations

American Airlines Refuses To Accept American Airlines Credit Card

American Airlines told Justin that they could not accept his American Airlines credit card due to a bug in their spiffy new booking system. Justin wanted to charge a trip to Disney World on the card, which unlike standard credit cards, is supposed to work exclusively for purchasing tickets with American Airlines. More »

2:15 PM on Sun Jan 13 2008
By Carey
6,942 views, 25 comments

Latest by Mr. Gunn: Lame, but he shouldn't be using that card anyways. Use a rewards card so you get points towards your more »

credit cards

Using Your Chase Credit Card Is Cause For A Rate Increase

Chase likes to raise the rates of cardholders whose only fault is properly using their credit card, according to an ABC 15 investigation. The rate hikes affect cardholders who do not exceed their credit limits or miss payments, with some APRs jumping from 7.99% to over 22%. From ABC 15: More »

1:27 PM on Mon Aug 6 2007
By Carey
14,149 views, 38 comments

Latest by n/a: Was thinking about opening up an account with Chase to transfer balances.... But now since I read all these messages.... more »

smart credit

A Big List Of 0% APR Credit Cards

We know how you guys love 0% APR credit cards, so check out this list of 50 of them from Consumerism Commentary. 0% APR credit cards let you do a number of things—you can use someone else's money for free, help yourself pay off your debt without gaining interest, etc. Each offer is different, however, so you want to make sure you read and understand the conditions of the offer and choose one that fits your needs.

50 Credit Cards Offering 0% APR on Purchases [Consumerism Commentary]

12:35 PM on Mon Jul 30 2007
By Meg Marco
3,313 views, 10 comments

Latest by hustler: I don't think its possible to win the 0%apr game with these crooks. I've tried before and failed miserably. more »

be good

Consumerist's 10 Commandments of Credit

The Pope recently issued 10 commandments of driving, so we thought, "If the Pope can talk about driving from the back of his little popemobile, we can talk about credit." So without further ado, Consumerist's 10 Commandments of Credit. It's not everything you need to know about using credit wisely, but it's a good start.

The 10 Commandments Of Credit

1) Thou Shalt Pay Off Your Balance In Full Every Month.
Keeping a balance on a credit card is a sin in the eyes of the Consumerist. If you have a balance, make it your priority to pay it off as quickly as possible. More »

5:22 PM on Sat Jun 30 2007
By Meg Marco
45,570 views, 49 comments

Latest by peters4n6: I've been tempted to use one of those 0% or 0.9% interest checks that my credit card company throws into more »

Money Crashers shares some ideas for fighting Universal Default, the practice whereby if you fall behind on your payments with one lender, they alert other lenders, who then use that as an excuse to jack up your rates.

2 comments

ask the consumerists

Are Reward Points Worth A Higher APR?

Jared writes:
Dear Consumerist,
More »
credit cards

Ask The Consumerists: Get A Lower Rate Without Hurting My Credit?

Brian writes:
Hi Meghann, nice work on Consumerist. You all do a great job, and I enjoy the blog, read it a lot, and learn a lot from it. I thought I would run a situation/question by you and see if you all have any answers or know where to find them.
More »

11:39 AM on Fri May 4 2007
By Meg Marco
4,369 views, 23 comments

Latest by XianZhuXuande: @humphrmi: In terms of your FICO score there is no difference whether the card is 'Closed By Consumer' or 'Closed more »

ripoff

Rent-A-Center More Like Ripoff Center

JLP over at AllFinancialMatters checked into renting furniture to own with Rent-A-Center. For a sofa and loveseat with a retail price of $1,048, a renter would pay $26.99 per week for 104 weeks, adding up to a whopping $2,806.96! More »

10:35 PM on Mon Mar 26 2007
By consumerintern
8,987 views, 33 comments

debt

What To Look For In A Credit Counseling Service

Credit counseling is not for everyone, but may be for you if you are struggling with debt. Credit counselors work by negotiating a reduced payment plan with creditors. In exchange for receiving timely payments, creditors may return a small portion of the amount received to the counseling service. Only consider a counselor if you can reign in your spending and pay off your debt in less than five years. More »

10:00 AM on Sat Feb 24 2007
By Carey
757 views, 9 comments

Latest by thrillhouse: @AcilletaM: I also changed my habits and don't use credit at all now. Congrats! I found it interesting how happy people were more »

loans

Should You Pay Off Your Credit Cards With Home Equity?

Ah, one of the questions for the ages. Shall you or shall you not pay off your credit cards with home equity? Let's say you ran up a credit card on a bunch of crap you didn't need and are now being charged 15%. You've seen the error of your ways, and now are interested in paying off your debt. How should you go about it? Should you use Home Equity? Blueprint For Financial Prosperity suggests that, while you may be saving big money by cutting your interest rate, you should think the decision over carefully. More »

11:09 AM on Thu Feb 1 2007
By Meg Marco
1,499 views, 14 comments

Latest by thrillhouse: ...to cut your interest without additional risk to the place where your children sleep. risk? risk. now there is an more »

credit cards

10 Ways To Avoid Credit Card Pitfalls

Newsweek has 10 tips for avoiding credit card pitfalls:
•Be aware that the card issuer has a great deal of leeway. They reserve the right to change the terms of your card, including the APR (annual percentage rate), at any time, for any reason—with as little as 15 days notice. So check your monthly statement carefully.
More »

2:38 PM on Thu Jan 25 2007
By Meg Marco
765 views, 10 comments

Latest by GHampton: If you have several frequent flier accounts, but have no idea how many miles you have accumulated, it is time more »

Discover: 0% APR For Life Decoded Discover has been sending out targeted marketing for their 0% APR for life offer, and Reader Marcia is curious: "What's the catch?"

20 comments

credit cards

Save On Your Credit Cards With Savings Agent

If you're looking for a quick way to compare credit cards, Savings Agent can help. If you need a quick reference before you call your credit company to ask for a lower APR, or you really want to switch credit cards, Savings Agent is a free tool that compares dozens of cards to find you the one with the lowest cost. If you don't have any debt, Savings Agent can recommend cards with the best rewards programs. The site doesn't ask for any personal information, and it's easy to use. It's a good first step toward negotiating your new interest rate. —MEGHANN MARCO More »

9:09 AM on Tue Jan 23 2007
By Meg Marco
642 views, 2 comments

Latest by vinco: I have to agree. I couldn't even find details on the rewards offered on some of these cards. more »

apr

Attention: You Lowered Your APR Just By Asking, Again.

You guys are so awesome. You call your credit card company and you ask them to lower your APR...and they do! It just keeps happening! Reader Jacob writes:
    I'd been thinking seriously about getting a new card and transferring the balance.... I was fairly certain that I could find a card that would allow me to transfer my balance and pay 0% for at least a year (Instead of paying 500+ bucks in interest over the next 6 months with my current card).
More »

5:45 PM on Thu Jan 18 2007
By Meg Marco
3,675 views, 28 comments

Latest by n/a: I wonder if anyone can help me out here - I just called BoA on my Visa Gold card, as more »

complaints

Chase Raises Reader's APR To 148.14%

Chase credit card raised Lee's effective APR to 148.14%Lee was charged a late fee on a Chase card payment, even though he mailed the check ten days before it was due.When he called to complain, Chase refused to remove the fee and told Lee they, "had no control of the U.S. Postal Service."Shortly thereafter, his APR magically rose to over 148%. Read his letter inside.
More »

11:09 PM on Wed Dec 13 2006
By Ben Popken
803 views, 24 comments

chase

EXCLUSIVE: CHASE Screws Struggling Card Members Harder

Chase yesterday decided to put the screws harder to its most struggling credit card customers, an insider tells us. More »

10:30 AM on Tue Dec 5 2006
By Ben Popken
448 views, 9 comments

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